1969 022 Ordinance - Laserfiche WebLink

Home Browse Search

ORDINANCE N0. 69-22 BY: MR. Bordonaro AN EMERGENCY ORDINANCE TO PROVIDE FOR THE ISSUE OF SPECIAL ASSESSMENT BONDS IN ANTICIPATION OF THE COLLECTION OF SPECIAL ASSESSP4ENTS FOR THE IMPROVEMENT OF SOM CENTER ROAD BETWEEN CERTAIN TERMINI BY THE CONSTRUCTION AND INSTALLATION OF A SIDEWALK AND APPURTENANCES. WHEREAS, the Council has requested the Clerk-Treasurer to issue his certificate as to the estimated life of the improvements hereinafter described, the property owner's portion of said cost to be discharged from the proceeds of bonds hereinafter referred to, and as to the maximum maturity of such bonds, and the Clerk-Treasurer has certified to this Council such estimated life of said improvements as exceeding five years, and has further certified the maximum maturity of said bonds as 10 years; and WHEREAS, a note of this Village, in the amount of $1,590.00, has been issued and sold in anticipation of the issuance of bonds hereinafter referred to, and said note has been renewed, and is now due and payable; and WHEREAS, Council has passed Ordinance No. 1081 on November 18, 1968, to provide a fund for the payment of principal and interest of said bonds to be issued in anticipation of the collection of special assessments for the improve- ment of SOM Center Road between the termini and in the manner specified in Resolution No. 690, adopted October 17, 1966. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE VILLAGE OF HAYFIELD, CUYAHOGA COUNTY, OHIO, THAT: Section 1. To provide a fund for the payment of the cost and expense in anticipation of the collection of special assessments herein levied for the improvement of SOM Center Road in the Village of Mayfield, Ohio, between the termini and in the manner specified in Resolution No. 690, adopted October 17, 1966, and in accordance with Ordinance No. 999, passed April 17, 1967, it is necessary to issue and sell special assessment bonds of the Village of Mayfield, Ohio, in the aggregate amount of $2,100.00, which amount includes an amount estimated to be sufficient to pay the interest on said bonds, until the first collection of the assessments anticipated by these bonds is received. Section 2. Said bonds shall be numbered 1 to 10, inclusive, and shall bear interest at the rate of 5% per annum, payable semiannually, on the first days of June and December of each year, beginning June 1, 1969; shall be of the denomination of $200.00 (except that bond number 1 shall be in the amount of $300.00), and shall mature as follows, which maturities are hereby determined to be substantially in equal installments, to-wit: